Retirement Homes

5 Ways to Save Money on Retirement Housing Costs

In this economy baby boomers nearing retirement are looking for affordable housing as never before. Here are some ways to do so.

In this economy baby boomers nearing retirement are looking for affordable housing as never before.  Here are some ways to do so.

Retirement Home

1. Move to a Small Town where housing costs, property taxes and cost of living are all lower.  This will save you money.

2. Downsize to a new smaller more efficient home which will save you money on utilities and have less upkeep & maintenance repairs.  It will be a long time before you spend money on appliance replacements or have to replace the hot water heater, furnace, air conditioner or roof.

3. Buy a resale home from a realtor or the owner rather than buying from the builder / developer.  You can get a resale at a better price. There are previously occupied homes in every community, even new communities.  Most resales have been improved by their owners.

4. Age in place in your current home making some improvements to make your house  more livable.  Check into changes in home design and function – many resources are available on the Internet.  Visit your neighborhood senior center or active adult center for programs and activities that will help you stay active, learn, exercise and socialize right in your own neighborhood.

5. Also check out 55+ communities and senior communities that may better serve your housing needs into the future. Being pro-active and acquiring long-run sustainable housing can save you money by avoiding emotional, maybe rash decisions about housing later in life.

Although seeming more expensive age qualified communities many times include services, meals, transportation, exercise facilities and much more that you are paying for now, so overall may be a good value for you

Originally posted 2011-08-12 08:07:13.

By Robert Fowler

Robert Fowler is President of Retirement Media Inc